Hill International Reports First Quarter 2012 Financial Results
Operating loss for the first quarter of 2012 was (
The company's total backlog at
"We are obviously disappointed at losing money in the first quarter," said
Business Segment Results
In addition to providing consolidated financial results, Hill also reports separate financial results for its two operating segments: the
Total revenue at Hill's
Total revenue at Hill's
Conference Call
About
The
Forward-Looking Statements
Certain statements contained in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information contained in this press release, the matters set forth herein including, but not limited to, any projections of revenues, earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our
forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in
the reports we have filed with the
(HIL-F)
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| EARNINGS RELEASE TABLES | ||
| (In 000's, Except Per Share Data) | ||
| (Unaudited) | ||
| Consolidated Statement of Operations | ||
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Three months ended |
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| 2012 | 2011 | |
| Consulting fee revenue | $ 99,197 | $ 94,272 |
| Reimbursable expenses | 16,616 | 28,738 |
| Total revenue | 115,813 | 123,010 |
| Cost of services | 58,462 | 55,343 |
| Reimbursable expenses | 16,616 | 28,738 |
| Total direct expenses | 75,078 | 84,081 |
| Gross profit | 40,735 | 38,929 |
| Selling, general and administrative expenses | 43,472 | 44,226 |
| Equity in earnings of affiliates | -- | (4) |
| Operating loss | (2,737) | (5,293) |
| Interest expense, net | 4,841 | 994 |
| Loss before income taxes | (7,578) | (6,287) |
| Income tax benefit | (1,041) | (909) |
| Consolidated net loss | (6,537) | (5,378) |
| Less: net earnings - noncontrolling interests | 199 | 218 |
|
Net loss attributable to |
$ (6,736) | $ (5,596) |
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|
$ (0.17) | $ (0.15) |
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38,526 | 38,276 |
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Diluted loss per common share - |
$ (0.17) | $ (0.15) |
| Diluted weighted average common shares outstanding | 38,526 | 38,276 |
| Selected Segment Data | ||
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Three months ended |
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| 2012 | 2011 | |
| Project Management | ||
| Consulting fee revenue |
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$ 69,848 |
| Total revenue | $ 89,038 | $ 97,924 |
| Gross profit | $ 26,492 | $ 26,237 |
| Gross profit as a percent of consulting fee revenue | 36.2% | 37.6% |
| Selling, general and administrative expenses | $ 22,937 | $ 23,484 |
| SG&A expenses as a percentage of consulting fee revenue | 31.4% | 33.6% |
| Operating profit before equity in earnings of affiliates | $ 3,555 | $ 2,753 |
| Equity in earnings of affiliates | $ -- | $ 4 |
| Operating profit | $ 3,555 | $ 2,757 |
| Operating profit as a percent of consulting fee revenue | 4.9% | 3.9% |
| Construction Claims | ||
| Consulting fee revenue | $ 26,056 | $ 24,424 |
| Total revenue | $ 26,775 | $ 25,086 |
| Gross profit | $ 14,243 | $ 12,692 |
| Gross profit as a percent of consulting fee revenue | 54.7% | 52.0% |
| Selling, general and administrative expenses | $ 13,063 | $ 13,427 |
| SG&A expenses as a percentage of consulting fee revenue | 50.1% | 55.0% |
| Operating profit (loss) | $ 1,180 | $ (735) |
| Operating profit (loss) as a percent of consulting fee revenue | 4.5% | (3.0)% |
| Selected Other Financial Data | ||
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Three months ended |
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| 2012 | 2011 | |
| Consulting fee revenue | $ 99,197 | $ 94,272 |
| Total revenue | $ 115,813 | $ 123,010 |
| Gross profit | $ 40,735 | $ 38,929 |
| Gross profit as a percentage of consulting fee revenue | 41.1% | 41.3% |
| Selling, general and administrative expenses (excluding corporate expenses) |
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| Selling, general and administrative expenses (excluding corporate expenses) as a percentage of consulting fee revenue | 36.3% | 39.2% |
| Corporate expenses | $ 7,472 |
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| Corporate expenses as a percentage of consulting fee revenue | 7.5% | 7.8% |
| Operating loss | $ (2,737) | $ (5,293) |
| Operating loss as a percent of consulting fee revenue | (2.8)% | (5.6)% |
| Effective income tax rate | 13.7% | 14.5% |
| Selected Balance Sheet Data | ||
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| Cash and cash equivalents | $ 24,698 |
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| Accounts receivable, net | $ 196,824 |
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| Current assets | $ 238,683 |
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| Total assets | $ 408,987 |
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| Current liabilities | $ 192,040 |
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| Total debt | $ 98,108 |
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| Stockholders' equity: | ||
| Hill International, Inc. share of equity | $ 150,051 |
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| Noncontrolling interests | $ 18,960 |
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| Total equity | $ 169,011 |
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EBITDA Reconciliation
(Unaudited)
Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the first quarter of 2012 was
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Three months ended |
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| 2012 | 2011 | |
| Net loss | $ (6,736) | $ (5,596) |
| Interest expense, net | 4,841 | 994 |
| Income tax benefit | (1,041) | (909) |
| Depreciation and amortization | 3,305 | 3,102 |
| EBITDA | $ 369 | $ (2,409) |
CONTACT:
Hill International, Inc. John P. Paolin
Vice President of Marketing and Corporate Communications
(856) 810-6210
johnpaolin@hillintl.com
The Equity Group Inc. Devin Sullivan
Senior Vice President
(212) 836-9608
dsullivan@equityny.com
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